In the days following the launch of a new ad campaign featuring free agent quarterback Colin Kaepernick, Nike stocks briefly dipped as some customers took to social media to express their displeasure with it. However, in the days that followed, the stock began to surge.
Believe in something, even if it means sacrificing everything. #JustDoIt pic.twitter.com/SRWkMIDdaO
— Colin Kaepernick (@Kaepernick7) September 3, 2018
Kaepernick is credited with starting the pregame demonstrations, which some players have decided to take a knee during the national anthem to protest racial injustice.
From Moneywatch: “Nike shares have surged 36 percent on the year, making the company the top performer on the Dow’s index of 30 blue-chip stocks. The run-up includes a nearly 5 percent increase since Nike’s Labor Day announcement that Kaepernick would be featured in its campaign, adding nearly $6 billion to the company’s market value.”
As Fortune explained: “After a bumpy start, Nike’s campaign has certainly paid off: in mid-September, its stock hit a record high, with products selling out more frequently. Long-term investors are seeing the benefits of having Kaepernick on board.”